Finally in May’s data we start to see the real effects of Coronavirus. Oil products are down a staggering 26% compared to April as low consumer demand finds its way into lower refinery runs.
Gas oil was the hardest hit with a fall from 31 million tonnes to 22million tonnes. This was followed by Gasoline falling from 31 million tonnes to 22 million tonnes. Jet fuel and Kerosene also fell by nearly half. All this indicates that retail stocks are full and less is required. Fuel oil remained the same indicating the steam is still coming out of ships.